Posts Tagged ‘ chapter 13 bankruptcy ’

Finances Got You Down? Think About Filing For Bankruptcy

August 17, 2013

TIP! Ask yourself if filing for bankruptcy is truly your best option. Alternatives do exist, including consumer credit counseling.

If you are facing the possibility of bankruptcy and are looking for information to help you in your decision, you’ve come to the right place. With the Internet, you can find out ways to avoid bankruptcy. You may be able to avoid filing for personal bankruptcy by following the tips presented here.

TIP! Do some research to find out which assets you could lose by filing for personal bankruptcy. The Bankruptcy Code provides a listing of the various asset types that are not included in the bankruptcy process.

Make certain that you comprehend everything regarding personal bankruptcy by studying online. You can learn a lot on the U.S. Department of Justice and National Association for Consumer Bankruptcy Attorneys provide excellent information. The more knowledge you have, the more you are able to make right decisions and find a new future.

TIP! Before you file for personal bankruptcy, be sure that you are cognizant of all current laws. If you want to file for bankruptcy successfully, it’s important to review the latest applicable laws.

Learn the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy. Do some research about these options so you can choose the best one. If you do not understand what you are reading, talk to your attorney before making that serious decision.

Debt Repayment

TIP! You may have heard bankruptcy referred to differently, either as Chapter 7 or Chapter 13. Learn the differences between the two before filing.

Make sure bankruptcy is truely your only option before filing. You may qualify for alternatives such as debt repayment plans or interest rate reductions. Ask your bankruptcy attorney about these options. If you are looking at foreclosure, think about a loan modification program. This type of plan allows your lender to work with you eliminating charges, extending your loan, and lowering interest rates to help you pay back the loan without drowning in debt. After all is said and done, your creditors will still want their money. For this reason, you may wish to investigate debt repayment programs in lieu of bankruptcy programs.

TIP! Don’t file for bankruptcy unless it’s absolutely necessary. It may be that all you really need to do is consolidate some of your debts.

During a Chapter 13 bankruptcy, you may still be able to get a mortgage or car loan. It is just tougher. Your trustee must approve any new loans such as this. Create a budget and prove that you will be able to afford it. You will need to be able to explain why the purchase is necessary.

TIP! If you are going to be filing for bankruptcy, think about filing Chapter 13. You are eligible to file Chapter 13 bankruptcy if your income is reliable and your unsecured debt does not exceed $250,000.

Proper planning could place you in the proper place. It’s a good thing if you are able to buy a little time for yourself. Just be sure that you’re making the right decisions in preventing from filing bankruptcy. Plan your future out now.

Things You Need To Know Before You File Personal Bankruptcy

July 5, 2013

TIP! You should avoid paying your taxes with credit cards and then immediately file for bankruptcy. The fact is that the credit card debt will be ineligible for discharge, and your tax debt may increase.

Bankruptcy is a decision that should be thoroughly thought about. Doing your research, partially by reading articles like this one, is an important first step in filing for bankruptcy. Find out all the information you can before filing for bankruptcy.

TIP! Don’t be afraid to remind your attorney of certain details in your case. Never assume that they can remember all details without reminders.

It is important to remind your lawyer of any details that may be important to your case. Many times a lawyer may forget a key detail; therefore, it is important to remind your lawyer of any key information. Do not hesitate to speak up; this is your hearing and your future is on the line.

TIP! Before you file for personal bankruptcy, be sure that you are cognizant of all current laws. Bankruptcy laws constantly change and it’s crucial you know about them so you the process of filing for bankruptcy goes smoothly.

When a bankruptcy is imminent, retain a lawyer immediately. Filing for bankruptcy is a complicated procedure, and you may not be aware of all the ins and outs. A personal bankruptcy attorney can help and guide you along through the bankruptcy process.

TIP! Most bankruptcy lawyers give free consultation, so try to meet with these types of lawyers before deciding on hiring one. Be certain you talk to the lawyer, himself, instead of a paralegal or assistant; those people aren’t allowed to give legal advice.

It’s a good idea to meet with a number of bankruptcy lawyers before settling upon one. The majority of them offer free initial consultations. It is important to meet with the actual attorney, not the attorney’s assistant or paralegal; those people are not permitted to give legal advice By meeting with several attorneys through a free consultation you will be able to choose which attorney you feel more comfortable with.

Unsecured Debt

TIP! Don’t file for bankruptcy the income that you get is bigger than your bills. Though bankruptcy may appear to be a good way to escape your debts, it does affect your credit negatively for a fairly long time.

Consider Chapter 13 bankruptcy for your filing. You are eligible to file Chapter 13 bankruptcy if your income is reliable and your unsecured debt does not exceed $250,000. You can secure your home under Chapter 13 and pay your debts with a payment plan. This plan normally lasts from three to five years, in which you’ll be discharged from unsecured debt. Keep in mind that even missing one payment can be enough for your whole case to get dismissed.

TIP! Make sure bankruptcy is truely your only option before filing. Before filing, talk with an attorney who can help you weigh all of your options.

Bankruptcy isn’t simple and immediate. There are many things that must be taken care of, and must be done right. If you follow the advice given here, you’ll be able to make sure you have everything in order for when you file bankruptcy.